Elon Musk has officially acquired Twitter for $44 billion, which he says is his "best and final offer," after a non-binding proposal, some disappointment on the part of the Twitter board, and then some reconsideration. The bid is valued at $54.20 per share, which is the same amount Musk proposed in his initial offer. Here are the important details to be aware of.
Elon Musk now owns Twitter!
Musk's acquisition of Twitter is an all-cash transaction, and once finalized, the company will become a private company. This deal was "unanimously" accepted by Twitter's board of directors, according to reports, and is likely to close this year.
Elon Musk has secured $25.5 billion in fully committed debt and margin loan financing, as well as about $21.0 billion in equity commitment, as part of the agreement.
Apart from the technical facts, Musk turned to Twitter to express his joy and discuss how his acquisition of the microblogging site promotes free speech and what steps will be taken to improve Twitter. Expect new product features, open-source algorithms, and spam bot elimination, among other things.
🚀💫♥️ Yesss!!! ♥️💫🚀 pic.twitter.com/0T9HzUHuh6
— Elon Musk (@elonmusk) April 25, 2022
Elon Musk specifically included free speech in his offer filing, saying, "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form."
To refresh your memory, Elon Musk had secured the position of the highest shareholder in Twitter with a 9.2 percent stake prior to the entire deal. Musk further claims that he plans to keep Twitter open to everyone, including his "worst detractors," to which former US President Donald Trump has said that he will not return to Twitter even if his account is reopened.
“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.“ According to Parag Agarwal, the new Twitter CEO.
While everyone appears to be in agreement with Musk's acquisition of Twitter, it remains to be seen how this popular social media network will be influenced now that Musk is in charge of so many things. Questions about the future of Twitter employees, the condition of the company, and other issues remain unanswered, and only time will tell how things are turning out.
However, many people are dissatisfied with this, and a "#leavingtwitter" campaign has already begun. That's all for this post. Stay tuned to CERadar for more such content.
0 Comments